What happens if you crash your hired van this bank holiday?

When Stefano Cagnoni reversed his hire van out of the rental company's full car park over an August Bank Holiday weekend he inadvertently caused £650 of damage to the paintwork.

Mr Cagnoni, a freelance photographer from London, had been trying to return the van, after a camping trip to a music festival, but could not find a van company representative or anywhere to park legally on the road nearby.

Thankfully he had bought an excess policy, with an independent provider iCarhireinsurance.com, which meant he was protected against the first part of the claim (which can be up to a £1000 excess, even if the van is stolen or the damage is not the renter's fault).

To compare the costs of excess policies, iCarhireinsurance.com, the leading provider of van and car hire excess insurance, researched the costs to hire a transit van from Saturday 23 May to Tuesday 26 May with Sixt, Nationwide and Budget with a pick up and drop off in central London (Euston St Pancras). It found:

100% extra costs at the rental desk: Hiring a van with Sixt costs £51, but the van company's excess insurance is £54 for a basic policy and an additional £15 for a tyre and windscreen policy when you arrive to pick up the van.

Save up to a third with independent excess providers: People hiring a transit van could save up to 35% if they buy excess insurance from an independent provider rather than buying it direct from their van rental company. iCarhireinsurance.com charges £44 for the four day rental period which includes protection for all parts of the van.

Check how comprehensive excess polices are: As well as Sixt, Budget too charges £54 for a basic excess policy and a £12 for an additional tyres and windscreen policy.

Excess cost remaining: It's not possible to reduce the excess to zero with any of the providers. Nationwide still levy a £500 excess (from an original £1000 excess) when you buy their excess product; Budget takes the excess down to £250; while Sixt reduces it to a more reasonable £75. iCarhireinsurance.com customers can choose to reduce the excess to either £100 or £200 for either £10.99 or £7.99 respectively / day.

"When a tiny chip to the paintwork can cost hundreds to repair people hiring vans should make sure they're protected from any unwanted excess costs," said Ernesto Suarez, founder and CEO of iCarhireinsurance.com. "Buying an excess policy from an independent provider, like iCarhireinsurance.com, saves consumers money and gives absolute peace of mind as it covers vulnerable parts of the vehicle that are often excluded from other insurance policies."

An iCarhireinsurance.com van hire excess insurance policy provides £2000 excess cover; covers damage to the bodywork, windscreens, tyres, roof and undercarriage; and covers up to nine named drivers in the rental agreement

"My claim with iCarhireinsurance.com was dealt with quickly and efficiently and I was soon reimbursed," said Stefano Cagnoni.

"I have absolute peace of mind using iCarhireinsurance.com and prefer their policies to the rental companies as they offer better value for money and better protection," he continued.